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Legislative Year: 2022 Change
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Bill Detail: HB22-1121

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Title Supporting Local Media
Status House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed (05/12/2022)
Bill Subjects
  • Fiscal Policy & Taxes
  • State Government
House Sponsors L. Cutter (D)
Senate Sponsors
House Committee Business Affairs and Labor
Senate Committee
Date Introduced 01/21/2022
Summary

The bill requires all state departments to spend at least 50% of the
money they spend on advertising to Colorado residents in a fiscal year on
advertising through local newspapers. The bill further requires all
departments to report on their advertising spending during their annual
State Measurement for Accountable, Responsive, and Transparent
(SMART) Government Act presentations.
The bill also creates an income tax credit for supporting local
newspapers. For income tax years beginning on or after January 1, 2023,

but before January 1, 2033:
  • A taxpayer is allowed a credit against their income taxes in
an amount equal to 50%, not to exceed $250, of the total
amount paid by the taxpayer for local newspaper
subscriptions or memberships for the personal use of the
taxpayer and of the contributions made by the taxpayer to
nonprofit local newspapers; and
  • A small business is allowed a credit against their income
taxes, not to exceed $2,500, in an amount equal to the
amount paid by the eligible small business for local
newspaper advertising.
If the amount of the credit allowed exceeds the amount of income
taxes otherwise due in the income tax year for which the credit is being
claimed, the bill permits the amount of the credit not used in the income
tax year to be carried forward as a credit against subsequent years' income
tax liability for a period not to exceed 10 years. Any amount of the credit
that is not used after such period is not refunded to the taxpayer.

Committee Reports
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Fiscal Notes Fiscal Notes (03/18/2022) (most recent)  
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